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Main » 2014 » January » 15 » Home-Based Business Owners Save Thousands on Their Peuterey outlet Taxes
12:54 PM Home-Based Business Owners Save Thousands on Their Peuterey outlet Taxes |
Home-Based Business Owners Save Thousands on Their Taxes Do You Qualify For
Home-Based Tax Deductions?New changes in the tax laws have made it easier than
ever to claim Home Office Deductions and keep more of what you earn. If your
home is a place of business, many of your personal expenses can be deducted as
business expenses resulting in lower taxes. You may be thinking, "I have an
Accountant/CPA/Tax Preparer/Tax Software who knows all about tax deductions so I
don't have to know anything about them." There are several reasons why that
thinking could be costing you thousands of tax dollars. Some of those reasons
are: Most Accountants/CPA's/Tax Preparers do not "specialize" in Home-Based
Businesses and do not keep up with the ever-changing laws pertaining to them.
You are ultimately responsible for knowing what you can and cannot deduct as
business expenses. Why? YOU are accountable to the IRS for your deductions, not
the tax preparer. If you pay someone to do your taxes you still need to know
what you can deduct so that you can gather all relevant paperwork. The most
compelling reason: Getting the greatest benefit from your deductions Peuterey outlet. To qualify for these
deductions you must meet 2 conditions, which most, if not all, Internet
Marketers meet. Condition 1: Do you work as an Internet marketer out of your
home (on your "home computer)? To qualify for deducting expenses related to
using a workspace for business in your home, your home must be Your "principal
place of business " or you must use the space only to earn your business income.
Use it on a regular and ongoing basis to meet your clients, customers, or
patients. ANDCondition 2: Are you in business to make a profit?Whether you made
a profit or not is immaterial. Even if you lost money but intended to make a
profit these deductions are still available to you. If you answered yes to both
of these questions then you do own a Home-Based Business and as such you are
qualified to deduct Business Assets, Direct and Indirect Expenses. Business
Assets include business equipment such as computer, fax machines, business
furniture such as desk (your dining room table for instance), desk chair and
filing cabinets. These are 100% deductible if they are used "exclusively" for
business purposes. If these assets are not used "exclusively' for business the
amount you can deduct is proportionally related to how much these things are
used in your business. It is possible to deduct a portion of your living room,
sofa, DVD player etc if you meet certain conditions. Direct Expenses are those
directly related to conducting your business. This would include office
supplies, telephone service,, cellular phones, ISP service, hosting, advertising
etc. Direct expenses are generally 100% deductible. Indirect Expenses include
such things as rent on your home, utilities including heating and air
conditioning and general repairs such as replacing a roof or repainting the
exterior of your home. These are authorized legal deductions passed into law
specifically for Home-Based Businesses by congress. If you use your home for
business purposes, many of your personal expenses can legally be converted into
deductible business expenses including utilities such as heat and electricity,
cleaning materials, house insurance and property taxes. Learn all you can about
what you can deduct and you will consistently save thousands on your income tax
each year. "I'm proud to pay taxes in the United States; the only thing is, I
could be just as proud for half the money Parajumpers." -Arthur Godfrey
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